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(153)-REQUIREMENTS TO PREPARE GROUP ACCOUNTS

Wednesday, April 14, 2010

Requirements to Prepare Group Accounts

Size Criteria

Any of the following size criteria for small and medium sized groups must me met.
  • Aggregate turnover
    Small- Less than 5.6 million $
    Medium sized- Less than 22.8 million $
  • Aggregate gross assets
    Small- Less than 2.8 million $
    Medium sized- 11.4 million $
  • Aggregate number of employees
    Small- Less than 50 million $
    Medium sized- 250 million $


The qualifying conditions must be met:

  • In the case of the parent’s financial year, in that year
  • In the case of any subsequent financial year, in that year and the preceding year


If the qualifying conditions were met in the preceding year but not in the current year, the exemption can be claimed. If, in the subsequent year, the conditions are met again, the exemption can still be claimed, but if they are not met, then the exemption is lost until conditions are again met for the second of two successive years.


When the exemption is claimed, but the auditors believe that the company is not entitled to it, then they must state in their report that the company is in their option not entitled to the exemption and this report must be attached to the individual accounts of the company.

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